Arizona Attorney General Chris Mayes’ lawsuit against prediction market Kalshi has hit a snag.
Commodity Futures Trading Commission announced on Friday he said he won a temporary restraining order preventing the state from pursuing a criminal case against Kalshi (whose CEO, Tarek Mansoor, is pictured above).
“Arizona’s decision to weaponize state criminal law against companies that comply with federal law sets a dangerous precedent, and today’s court decision makes clear that intimidation is not an acceptable tactic to evade federal law,” said CFTC Chairman Michael S. Selig.
Although the CFTC normally has five commissioners, Selig is currently the only one on the commission his approval in December and the departure of former acting chairman Caroline Pham (who left to join crypto company MoonPay).
There is Arizona He brought charges against Kalshi accusing the company of operating an illegal gambling business in the state without a license. The announcement of the injunction comes days after a federal judge allowed the Arizona case to move forward. According to Bloomberg.
The CFTC also filed suit to stop similar cases from moving forward in Connecticut and Illinois.
